The Nigerian Exchange Limited (NGX) has recorded a ₦4.64 billion new bond listing in the first week of November 2025, reflecting renewed investor confidence in long-term infrastructure-backed instruments within Nigeria’s capital market.

The newly listed instrument is the Series 1 Senior Guaranteed Fixed-Rate Infrastructure Bond issued by Elektron Finance SPV Plc, under a ₦200 billion bond issuance programme. The 15-year bond, which matures in July 2040, carries a fixed coupon rate of 22% per annum.

Backed by the Infrastructure Credit Guarantee Company Plc (InfraCredit) and co-obligated by Victoria Island Power Limited, the bond benefits from significant credit enhancement, improving its attractiveness to institutional investors.

Each bond unit was listed at a par value of ₦1,000, with semi-annual coupon payments scheduled for January 7 and July 7, and amortisation commencing 36 months after issuance. The first coupon payment is due on July 7, 2026.

The issuance was led by Vetiva Advisory Services Limited, with support from Anchoria, ARM Capital, CardinalStone Partners, FBNQuest Merchant Bank, and Iron Global Markets. Stockbrokers included Anchoria Securities, Vetiva Securities, and ARM Securities, while Custodian Trustees acted as the trustee and Veritas Registrars served as the registrar.

Market analysts note that the ₦4.64 billion listing, though only the first tranche of the ₦200 billion programme, underscores growing appetite for long-tenor, credit-enhanced infrastructure financing in Nigeria. The relatively high 22% coupon rate is expected to draw attention from institutional investors seeking stable, risk-mitigated returns amid macroeconomic volatility.

According to market observers, the transaction strengthens NGX’s position as a platform for mobilising long-term capital to bridge Nigeria’s infrastructure financing gap. However, they caution that sustained investor confidence will depend on consistent policy support, inflation stability, and the operational performance of the underlying projects. Visit www.jocomms.com for more news.